BlackRock, one of the world’s largest asset managers, has accelerated its push into blockchain-based investment products by submitting two major new filings to the US Securities and Exchange Commission (SEC). These recent applications represent BlackRock’s most significant move in blockchain infrastructure since launching its tokenized money market fund, BUIDL, in 2024.
Details of the two new funds
The first filing outlines plans to establish the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle. This fund will hold a portfolio comprised of cash, short-term US Treasury securities, and Treasury-backed overnight repurchase agreements. It is designed to offer “OnChain Shares” to participants, which will be managed on blockchain. Securitize Transfer Agent LLC will handle the shareholder records. While the specific blockchains have not been disclosed, a $3 million minimum investment for entry signals that this fund targets only institutional investors.
The second application concerns the BlackRock Select Treasury Based Liquidity Fund (BSTBL), which manages about $7 billion. In this setup, BNY Mellon Investment Servicing will maintain shareholder records using the ERC-20 token standard on Ethereum. This marks the first time one of BlackRock’s largest cash management products will operate directly on a public blockchain.
BlackRock’s tokenization strategy
By partnering with Securitize and launching the BUIDL fund in 2024, BlackRock gained a pioneering role in the tokenization of traditional financial products. The BUIDL fund quickly reached $2.5 billion in assets and experienced higher-than-expected institutional demand, particularly for use cases like collateralization and leveraged trading.
BlackRock CEO Larry Fink believes that blockchain-based settlements can accelerate transactions, shorten settlement cycles, and enable 24/7 trading, while also delivering greater transparency to capital markets. These latest filings indicate that the company is now implementing this vision at scale and with purpose.
Neither of the new funds has yet received SEC approval, and no official launch date has been announced.
Momentum in the tokenized asset market
These filings align with a period of explosive growth for the real-world asset (RWA) tokenization market, which has more than tripled year-over-year to surpass $30 billion. According to projections by Boston Consulting Group and Ripple, the RWA market could reach $18.9 trillion by 2033.
Tokenized US Treasury bonds rose to a combined $14 billion as of May 2026, illustrating a sharp increase in institutional interest for blockchain-based fixed-income products. BlackRock and Circle have emerged as leaders in the adoption of on-chain Treasury products, with over half the market — about $8 billion — residing on Ethereum.
Although BlackRock, which manages $14 trillion in assets globally, is not the first major institution to step into RWA tokenization, two simultaneous filings in a single day are being interpreted by regulators and industry stakeholders as a powerful signal of institutional commitment to blockchain investments.
